The Pound reached two-week high versus the Euro on the Bundesbank decreased 2013 projections for German GDP growth from 1.6%, forecast earlier in June, to 0.4%. Sterling advanced 0.1% against the Euro and traded at 80.68 pence per Euro, the highest in two weeks. Weekly gain was 0.5%, the highest since the week ended on October 26. The Pound fell
U.S. equities moved up on improving prospects for the budget deal for 2013 to halt the so-called "fiscal cliff". Optimism was raised on improving data for the nation's economy, as fewer Americans filed applications for jobless benefits. The unemployment claims declined by 25,000 to 370,000 at the end of the last week. The Dow Jones Industrial Average increased 0.3%, or
U.S stocks advanced for the second consecutive day. The gains were driven by improving prospects in reaching the budget deal and the rebound of Apple Inc. from its biggest decline in four years. Experts said the rise in Apple stock has helped the overall market. In addition, U.S. economic data suggest the economy persists to grow, lately supported by better-than-expected
Farm commodities were mixed on Thursday, with wheat and coffee advancing and sugar and corn dropping. Grain futures were supported as heavy rains in Argentina continued to delay harvesting in the country. However, weak news from the Eurozone and solid greenback capped gains of rural commodities.Wheat advanced for the second consecutive day on concerns that dry weather may curb output
Oil rose, snapping its weekly drop, on speculation China's industrial output grew at the fastest pace since March, increasing demand in the world's second biggest oil consumer. Crude for January settlement rose 28 cents and traded at $86.54 a barrel, after sliding $1.62 a day earlier to $86.26, the lowest close since November 15.
Energy futures were bearish on Thursday after the ECB President Mario Draghi cut the Eurozone's growth forecast for this year. Stronger US Dollar and uncertainty over whether the US lawmakers will manage to avert fiscal cliff also weighed on the commodity group. At the same time, larger-than-expected decline in the US stockpiles last week restricted the downward trend. Crude oil
Asian stocks rose as fewer Americans applied for unemployment benefits and Australia's building industry contracted at a slower pace. The MSCI Asia Pacific Index gained 0.3% to 126.14 at 1:40 in Tokyo. Australia's S&P/ASX 200 Index climbed 0.8% and New Zealand's NZX 50 Index jumped 0.5%. South Korea's Kospi Index advanced 0.3%, whereas Japan's Nikkei 225 Stock Average was little
Industrial metals dropped on Thursday amid Eurozone's woes. The ECB lowered its outlook on the Eurozone's economy, citing weak consumer and investor confidence. Limiting the downswing, Chinese demand is likely to recover. The China's government announced that it will stick to the current policies but is ready to make adjustments if necessary. Aluminum slid despite brighter demand perspectives in China.
South Korea's currency weakened as ECB President Mario Draghi said economic stagnation will persist in 2013 and before U.S. jobs growth data. The Won traded at 1,083.45 per U.S. Dollar at 9:50 a.m. in Seoul, after closing yesterday at 1,083.10. One-month implied volatility fell 10 basis points to 4.75%. The yield on 2.75% bonds due September 2017 remained unchanged at
Precious metals rallied on Thursday despite disappointing news from the Eurozone. The ECB President Mario Draghi said that the region's economy is likely to shrink about 0.5% in 2012 compared to a previous forecast of a 0.4% contraction. Moreover, solid greenback coupled with larger-than-expected decline in the US jobless claims last week added pressure on the commodity group. Gold moved
The Australian Dollar was poised for a five-day gain before China's data next week, which might show the country's economy is improving. The Aussie Dollar traded at $1.0480 at 3:42 p.m. Sydney time, following a 0.3% advance to $1.0486 yesterday in New York after touching $1.0516, the highest level since September 21. The kiwi bought 83.19 U.S. cents from 83.27.
The Japanese Yen lost versus most major counterparts amid speculation the central bank will add monetary easing measures to counter the country's fall into recession. The Yen weakened 0.1% to 82.48 per U.S. Dollar at 2:10 p.m. Tokyo time and fell 0.1% to 106.96 per euro, paring its weekly advance to 0.1%. The final reading of Japan's Q3 GDP is
European shares gained on rising optimism the U.S. lawmakers will reach consensus on the new budget. However, ECB forecasts for 2013 might be a threat for the stock market, as Draghi said he expects a slowdown in the pace of economic growth in the Eurozone next year. The ECB left the interest rate unchanged a record low level of 0.75%.
Consumer prices in Switzerland dropped more than forecast in November amid declining fuel, rents and food cost, favoring Swiss National Bank's decision to retain its cap on franc. The Bank kept the Franc at 1.20 per euro in September, as investors from the Euro-area boosted up the currency. The consumer CPI lost 0.4% in November on year-on-year basis. In comparison,
The data released by the State of Secretariat for Economic Affairs showed Swiss jobless rate stayed unchanged in November after advancing marginally the month before. The seasonally adjusted unemployment rate was at 3% staying in line with analysts' forecasts. The rate increased from 2.9% in October to 3.1% in November on adjusted basis. The number of people registered as jobless
German shares advanced to their highest level in more than eighteen months amid positive economic data on Germany's factory orders and speculation the Republicans will agree on raising taxes in the next year's budget plan. Europe's largest economy's factory orders jumped 3.9%, instead of the forecast 0.9%, on strengthening foreign demand. The DAX Index rallied 0.9% to 7,524.23 prior to
Asian stocks advanced, leading the regional benchmark to its highest level in eight months amid positive data on the U.S. economy. The service sector in the U.S. expanded as manufacturing PMI jumped more-than-expected to 54.7 in November from 53.6 the prior month, while U.S. factory orders rallied 0.8% in October compared to September. However, the gauge tracking Honk Kong shares
Japanese equities gained on hopes U.S. lawmakers will agree on budget for the next year and positive economic outlook for the nation's economy. Japanese Nikkei 225 Stock Average advanced 0.8% after the Yen depreciated to almost its lowest level in seven months. The investors' risk appetite was boosted up on speculation the Central Bank would further ease the currency in
German shares advanced to their highest level in more than eighteen months amid positive economic data on Germany's factory orders and speculation the Republicans will agree on raising taxes in the next year's budget plan. Europe's largest economy's factory orders jumped 3.9%, instead of the forecast 0.9%, on strengthening foreign demand. The DAX Index rallied 0.9% to 7,524.23 prior to
European shares gained on rising optimism the U.S. lawmakers will reach consensus on the new budget. However, ECB forecasts for 2013 might be a threat for the stock market, as Draghi said he expects a slowdown in the pace of economic growth in the Eurozone next year. The ECB left the interest rate unchanged a record low level of 0.75%.
U.S. blue chips advanced on Wednesday on rising optimism about resolving the "fiscal cliff". In addition, latest economic data point on moderate growth in the U.S. economy, yet, the market is highly dependent on the outcome of the budget talks. Shares increased also because Republicans responded to bipartisan call to overcome disagreements between the President and House Speaker John Boehner
U.S. equities snapped a two-day drop in the S&P's index on improved estimates for economic data and hopes for U.S. lawmakers to reach an agreement on the budget before end of this year. The experts say investors will continue to react to news on the resolution of "fiscal cliff". In addition, the U.S. manufacturing sector signaled growing signs, as yesterday
Asian stocks advanced, leading the regional benchmark to its highest level in eight months amid positive data on the U.S. economy. The service sector in the U.S. expanded as manufacturing PMI jumped more-than-expected to 54.7 in November from 53.6 the prior month, while U.S. factory orders rallied 0.8% in October compared to September. However, the gauge tracking Honk Kong shares
Japanese equities gained on hopes U.S. lawmakers will agree on budget for the next year and positive economic outlook for the nation's economy. Japanese Nikkei 225 Stock Average advanced 0.8% after the Yen depreciated to almost its lowest level in seven months. The investors' risk appetite was boosted up on speculation the Central Bank would further ease the currency in